Bitcoin analysis for 10/08/2018

The US Securities and Exchange Commission (SEC) postpone the decision to introduce Bitcoin to trading on the stock exchange investment fund (ETF) by September 30, according to an official document issued by the SEC on August 7.

ETFs are securities that track a basket of assets that are proportionally represented in the fund"s shares. They are perceived by some as a potential step forward in the mass adoption of cryptocurrencies as a regulated and passive investment vehicle.

The fund under consideration is powered by the investment company VanEck and the financial company SolidX and is expected to be listed on the BZX stock exchange at the Chicago Board of Exchange (CBOE). The SEC has now almost two months to consider the proposed change of rules by CBOE Global Markets Inc., which would allow the fund to list.

The announcement states that the SEC received over 1,300 comments on the proposed change to the list and trade of SolidX BTC shares issued by the VanEck SolidX Bitcoin Trust. The document says: "Accordingly, the Commission, pursuant to § 19 (b) (2) of Act 6, appoints 30 September 2018 as the date to which it will approve, reject or re-verify the proposed change".

Last month, the SEC delayed the decision by the investment company Direxion to apply for the ETF ETF until September 21. The Agency pointed to the fundamentally unregulated nature of cryptocurrency markets as the main reason for the rejection of the proposal, stating that when the spot market is unregulated, there must be significant regulated markets for derivative instruments linked to underlying assets.

Let"s now take a look at the Bitcoin technical picture. The market Has bounced around $500, from the swing low at the level of $6,083 to the level of $6,594 and now is resuming the downtrend again. The next technical resistance is seen at the level of $6,782 and then at the level of $7,176. The momentum is still below its fifty level, but the market conditions are now oversold. The immediate support is seen at the level of $6,083.